Kelsian Group Limited · ASX:KLS
Kelsian — Investor Presentation (February 2026)
25 slides from Kelsian's investor presentation, Feb 24, 2026
Slide 1: FY26 Half Year Results Investor Presentation
FY26 Half Year Results Investor Presentation Kelsian Group Limited (ASX:KLS) Graeme Legh Group Chief Executive Officer Andrew Muir Group Chief Financial Officer 24 February 2026
Slide 2: 1HFY26 Overview
1 1HFY26 Overview Full Year Results 2025 2
Slide 3: 1HFY26 results highlights
1HFY26 results highlights Record first half result and FY26 guidance upgraded Revenue Underlying2 EBITDA $1,186m $153.8m 1HFY26 Results (six months to 31 December 2025)1 • Continued revenue and earnings growth across all divisions • Strong revenue driven by contract growth and cost indexation +10.6%
Slide 4: 1HFY26 strategic & operational overview
1HFY26 strategic & operational overview Tourism Portfolio divestment update | Operational excellence driving contract renewals and expansion Strategic highlights • Entered binding agreements for the divestment of the Tourism Portfolio1 for total cash consideration of $161m • Negotiations for the 2-y
Slide 5: 1HFY26 Financial Results
2 1HFY26 Financial Results Full Year Results 2025 5
Slide 6: Profit & loss
Profit & loss Record result delivered through strong revenue growth and margin expansion • Revenue growth underpinned by new AAAHI contracts, contract indexation and growth in Marine & Tourism • Underlying1 EBITDA and EBIT margin improvement reflects disciplined cost control, and impact from AAAHI g
Slide 7: Cashflow
Cashflow Predictable and defensive cashflows Net Operating Cashflow Cash Conversion1 $83.1m 94.5% Up 26.1% Strong earnings quality and cash generation Investing Cashflow Cash Reserves $78.4m $141.9m Reflects a combination Significant cash of maintenance and reserves at period end growth capex Cash f
Slide 8: Balance sheet
Balance sheet Significant headroom in all bank covenants1 Net Debt2 Leverage3 $664.9m 2.7x Down from 3.2x at 31 December 2024 Target leverage of 2.0x to 2.5x LTM Underlying EBITDA, retaining flexibility to take advantage of attractive organic and inorganic growth opportunities On track to be within
Slide 9: Limited recourse ring-fenced SPV debt facilities
Limited recourse ring-fenced SPV debt facilities Financing facilities provide flexibility and optionality for governments • Kelsian has had ring-fenced, limited recourse asset financing Government-backed contracted assets financed in SPV facilities (‘SPV’) in place since July 2023 for some Australia
Slide 10: Capital expenditure
Capital expenditure 1HFY26 capital expenditure in line with expectations 1HFY26 Total net capex - $76.0m1 FY26 Forecast capex ~$135m2 Australian Bus - $7.2m • Net sustaining capex of ~$85m • Motorcoaches for resources and education sector • FY25 vessel capex carry forward (underspend) ~$20m • Buses
Slide 11: FY25 Divisional Performance
3 FY25 Divisional Performance Full Year Results 2025 11
Slide 12: Divisional performance | Australian Bus
Divisional performance | Australian Bus 1HFY26 overview • Revenue growth underpinned by contract indexation • Bankstown rail replacement continued • Completion of Perth LXR rail replacement services • Adelaide tram replacement • Delays in service changes approvals • Higher maintenance expenses due t
Slide 13: Divisional performance | International
Divisional performance | International 1HFY26 overview USA • Strong revenue growth from ramp up of industrial clients - ahead of expectations and expanded services • Charter activity continues to perform well • Corporate and tech employee shuttle contracts renewed and expanded under multi-year terms
Slide 14: Divisional performance | Marine & Tourism
Divisional performance | Marine & Tourism 1HFY26 overview • Good performance across the portfolio • Improved K’gari performance • Sydney Harbour lunch & dining strong • Dynamic pricing assisting revenue growth and yield • Higher repairs & maintenance costs reflect 5-year major vessel overhauls and o
Slide 15: Divisional performance | Corporate
Divisional performance | Corporate 1HFY26 overview • Increase in costs reflects several factors: • Performance of our captive insurance structure, including elevated claims activity • Recognition of non-cash long-term incentive expense • Ongoing cyber security investment • Implementation costs assoc
Slide 16: Growth & Outlook
4 Growth & Outlook Full Year Results 2025 16
Slide 17: Tourism Portfolio divestment
Tourism Portfolio1 divestment Entered binding sale agreements for total cash consideration of $161m • Journey Beyond2 to acquire all Tourism Portfolio operations • Completion subject to ACCC, FIRB and other conditions and expected in 1HFY27 • Competitive process undertaken with interest from multipl
Slide 18: Post divestment of Tourism Portfolio
Post divestment of Tourism Portfolio Leading global transport business Retained Marine Business Units • Kelsian’s streamlined operations to be focused Kangaroo Up to 25-year licence with the SA Government on marine, bus and motorcoach transport Island services Contracts with global petroleum compani
Slide 19: Foundations in place to deliver long-term growth
Foundations in place to deliver long-term growth Focus on operational excellence to drive improved returns from existing assets and capitalise on significant growth pipeline Growth opportunities • Operational efficiencies, contract extensions and service growth from existing contracts Australian • W
Slide 20: 2HFY26 guidance & outlook
2HFY26 guidance & outlook Operations • January 2026 trading in line with expectations, continued strong performance from International Bus • Ongoing ramp up of industrial contracts in USA – two new leased depots to open in March 2026 • Bankstown rail replacement services expected to continue for ful
Slide 21: Kelsian investment proposition
Kelsian investment proposition A leading global transport business with a strong track record of growth OPERATIONS FOCUSED Strategy centered on delivering essential journeys for customers through bus, motorcoach and marine transport services PREDICTABLE REVENUE Predictable and defensive revenues fro
Slide 22: Appendix
Appendix Full Year Results 2025 22
Slide 23: Balance sheet & leverage
Balance sheet & leverage Leverage of 2.7x at 31 December 2025, calculated excluding limited recourse SPV debt and related earnings Approach to calculating leverage • SPV liabilities, assets and earnings excluded • Limited recourse to Kelsian • Assets ring-fenced in SPV • As at 31 December 2025, Kels
Slide 24: Capital Management & Allocation Framework
Capital Management & Allocation Framework Maintaining a strong balance sheet, facilitating growth and maximising total shareholder returns Cash from operating activities Management focused on maximising cash conversion Net sustaining capex1 Servicing financial obligations Servicing tax obligations3
Slide 25: Disclaimer
Disclaimer Basis of Preparation, Forward Looking Statements and Disclaimer This document has been prepared by Kelsian Group Limited (ACN 109 078 257) (‘Kelsian Group’ or the ‘Company’). No party other than Kelsian Group has authorised or caused the issue of this document, or takes responsibility for
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